This paper identifies the effects of exogenous credit constraints on firm ability to attract and retain skilled workers. To do so, the authors exploit a shock to the value of the pension obligations of Portuguese banks resulting from a change in accounting norms. Using bank-firm credit exposures that they match with a census of all Portuguese employees, the authors show that firms in a relationship with affected banks borrow less and reduce employment mostly of high-skilled workers. High-skilled workers are more likely to exit and less likely to join affected firms. Overall, credit market frictions might have long-lasting effects on firm productivity and growth through the firm accumulation of human capital.